By Saabira Chaudhuri
LONDON-- Unilever PLC has named Graeme Pitkethly to be its new
chief financial officer, replacing Jean-Marc Huët, who is leaving
the consumer-goods giant after more than five years as its
financial head.
Mr. Pitkethly, currently the executive vice president of
Unilever's U.K. and Irish businesses, will become CFO on Oct. 1,
when Mr. Huët leaves the Anglo-Dutch company and its boards.
Unilever's shares popped 1.3% in London trading amid a broader
rise in European stocks.
"He's been there 5 1/2 years and done a good job, so this is an
evolution," said Société Générale analyst Warren Ackerman of Mr.
Huët. He described Mr. Pitkethly as having "good pedigree," adding
that the handover period means the company's options for big
mergers and acquisitions and its overall strategy are unlikely to
change because of the switch.
The 48-year-old Mr. Pitkethly has been with Unilever for 13
years in a series of roles, including head of M&A, head of
treasury, pensions and tax, and CFO of the company's Indonesia
business. He came to Unilever in 2002 to be its chief accountant,
following six years in the telecommunications industry and nine
years with Coopers & Lybrand--which later merged to become
PricewaterhouseCoopers--in audit and corporate-finance roles.
Unilever hasn't yet named Mr. Pitkethly's successor.
Mr. Huët's departure comes as Unilever has grappled with a
slowdown in revenue from the developing markets in which it makes
most of its sales.
In a statement, he said he would spend "some time deciding what
new opportunities to pursue." The 46-year-old Mr. Huët hasn't yet
secured the top job at a company, which some analysts muse could be
a motivating factor behind his resignation. He came to Unilever in
2010 from Bristol-Myers Squibb PLC, where he served as CFO. Before
that, he was finance chief at Dutch baby-food company Royal Numico
NV, which was snapped up by Groupe Danone SA in 2007. He also
worked for Goldman Sachs in the 1990s, first as an analyst and then
later as executive director of investment-banking services.
Mr. Huët can't work for a competitor, supplier, customer or
partner of Unilever before April without the company's
permission.
Unilever, the maker of Dove soap and Axe deodorant, has helped
mitigate slowing markets by raising prices and releasing premium
versions of its products, such as gel-capsule versions of OMO
laundry detergent in Brazil and a range of high-price Axe
deodorants in the U.S.
In April, the company reported first-quarter sales that rose
12%, largely on the back of a strong dollar. The company at the
time said full-year earnings would swell by 8% to 9% this year at
current exchange rates.
Unilever's board has gone through a series of changes lately,
with four directors-- Byron Grote, Malcolm Rifkind, Kees Storm and
Paul Walsh--saying they wouldn't stand for re-election at the
company's April annual general meetings.
Some analysts expect Unilever Chairman Michael Treschow to
announce his resignation next year. The 72-year-old Mr. Treschow
has been Unilever's chairman for eight years. "Succession planning
is always under way and ongoing for key positions as you'd expect,"
said a spokeswoman for Unilever. The usual tenure of nonexecutive
directors at Unilever is nine years, she added.
Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com
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